Kolte Patil developers to invest over Rs 3,000 cr in 13 new projects

Pune: Pune-based real estate player Kolte Patil Developers is planning to invest Rs 3,000 to 3,500 crore in 13 new projects in the city. It will develop over six to eight million square feet area in the next three years.

Around 80 per cent of the funds will be raised through internal accruals while rest through construction financé and equity. With these 13 projects the company will create a supply of over 6,000 homes between FY15- FY17.

"Pune continues to be very stable market. We have delivered 8,000 apartments and invested Rs 2,000 crore in the last three years. In the next three years, our plan is to double the quantum of investment. Also, we will consolidate our presence in Pune, Mumbai, Goa and Bangalore before moving to other cities,” says Sujay Kalele, CEO, Kolte Patil Developers.

Kalele said that the company has a total land bank of 50 million square feet in and around Pune. The prices range for the 13 projects that the company intends to launch will be from Rs 4,500 to Rs 15,000 per square feet, while delivery will take place over the next two to three years.

To be able to reach home-buyers in the most optimal way, the company has organised ‘Nest Fest’ home expo, a first-of-its-kind mega property expo between February 6-8. The expo is showcasing 6,000 plus residential units from over 13 projects in Pune.

Pune in recent times has seen a plethora of projects being launched by developers. While one of the reason has been the increasing demand of houses among the young IT professionals that the city has seen, but the other big reason has been the addition of several smaller villages into the Pune Municipality limits.

In 2014, the Maharahstra government had given in principle approval for addition of 34 fringe villages into the municipality limits.

Kolte-Patil Developers closed at Rs 187.90, up Rs 2.25, or 1.21 per cent. The 52-week high of the share was Rs 220.95 and the 52-week low was Rs 70.90.